Marcus & Millichap Arranges The Sale Of A 49,883-Square Foot Industrial Building
Marcus & Millichap Arranges The Sale Of A 49,883-Square Foot Industrial Building
MCKINNEY, TX, August 24, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Powerhouse Business Complex, a 49,883-square foot industrial property located in McKinney, TX, according to Timothy A. Speck, regional manager of the firm’s Dallas office.
Adam Abushagur, industrial specialist and Vice President Investments in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also procured by Adam Abushagur.
“The transaction closed above $100 per square foot and under a 6.50 percent capitalization rate in a highly sought-after market,” said Abushagur. “The buyer secured a Class A value-added asset, in which eight of the thirteen gross leases expiring this year, allowing him to restructure a majority of the leases in a very tight industrial submarket,” he added.
Powerhouse Business Complex is located at 401 Powerhouse in McKinney, Texas. The subject property is situated on 3.77 acres of land and was built in 2005.
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